Most investment trusts were badly hit by the recent downturn but this means that there are now good buying opportunities.Investment trusts generally outperform unit trusts over longer periods because of their gearing. One of the best ways in is through Nick Greenwood’s Iimia accelerated fund, which is cautiously run but has an outstanding record. It was up by over 100 per cent over three years to June 5. It invests mainly in other investment trusts and is invested internationally with around 40 per cent in the UK, 13 per cent in Asia Pacific excluding Japan, a further 13 per cent in Japan itself, around 12 per cent in continental Europe, 10 per cent in America, 8 per cent in Ireland, with a few other investments elsewhere. It has always been at the top or near the top of the league tables since it was launched in April 2003. Greenwood has been very clever in the way he has run the fund. For example, before the markets dipped on May 11, he had built up his cash position to around 7 per cent. This has now been reduced to around 1.5 per cent as he has found several bargains. At present, he likes Japan and some technology companies. The fund usually holds around 95 per cent of its assets in investment trusts, with the remainder in some well run boutique funds such as Graham Campbell’s Edinburgh Partners UK opportunities Oeic. At present, Greenwood’s biggest holdings include Isis UK select trust, Artemis alpha trust, Perpetual Japan- ese investment trust, Herald investment trust and Real Estate opportunities Culs. His ability to spot underpriced funds is one reason why he outperforms consistently. A recent bargain he has picked up is the Polar Capital technology fund, the price of which was some way out of sync compared with the fundamentals.